(b) Marginal product 3 Marginal product 10 Workers per day Refer to Exhibit 7.1, which shows the total product and marginal product produced by a firm. Between three and se a. marginal product is negative and total product is rising. O b. marginal product is falling but still positive, and total product increases by decreasing amounts. Marginal product (tons/day)

(b) Marginal product 3 Marginal product 10 Workers per day Refer to Exhibit 7.1, which shows the total product and marginal product produced by a firm. Between three and se a. marginal product is negative and total product is rising. O b. marginal product is falling but still positive, and total product increases by decreasing amounts. Marginal product (tons/day)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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STAPLES Units of labor per day 12. (Exhibit: Total Product) When hiring units of labor between zero and L1 units of labor, which of the following statements is true? a. The marginal product of labor is increasing. b. The marginal product labor is decreasing. c. Total product is increasing at a diminishing rate. d. None of the above statements is true. 13. "Diminishing marginal returns" means that: a. each additional unit of an input used will decrease output. b. each additional unit of an input used will increase output, but by smaller and smaller amounts. c. each additional unit of an input used will increase output by larger and larger amounts. d. the firm is maximizing profit. 14. A variable factor of production is defined in the text as one: a. that can perform several different functions. b. that is able to produce more or less during some time period. c. whose quantity can be changed in a particular time period. d. A and C are true, but not B. 15. The law of diminishing marginal…
16. As more and more of the factor of production is used The total product curve rises rapidly at first because product rises and then more slowly because a. Permanent; average; the average product decreases b. Variable; average; average product reaches a maximum c. Permanent; marginal; marginal product reaches a maximum d. variable, borderline; marginal product decreases
Question 10 Figure 1 below shows the relationship between the number of mechanics hired and the number of car repairs performed per day at a car-repair shop. Number of Cars Repaired 0 2 4 5 Number of Mechanics The production process depicted on the graph exhibits marginal product of labor. O increasing O constant O diminishing 18 17 15 12 8 00
Only typed answer and please don't use chatgpt 11) Marginal product is: A) total product divided by the number of workers employed. B) the increase in total cost attributable to the employment of one more worker. C) the increase in total revenue attributable to the employment of one more worker. D) the increase in total output attributable to the employment of one more worker.
(Figure: Determining Marginal Returns) Based on both the table and the figure, adding a third worker leads to marginal returns. Average Product and Marginal Product Output 1 2 3 14 Labor 5 6 17 12 10 8 6 4 8 9 10 0 -2 BAY constant 2 Total Product O negative 5 12 21 31 40 48 54 57 57 increasing 54 diminishing 4 MP 5 7 9 10 9 8 6 3 0 3 6 Workers AP 5 6 7 7.75 8 8 7.71 7.12 6.33 5.4 8 10 12
3. Total and marginal product Underground Sandwiches, a sandwich shop, has the following marginal product curve (labeled MP) for its hourly production. MARGINAL PRODUCT (Sandwiches per worker) 20 18 16 14 12 10 4 2 0 0 1 O 2 3 LABOR (Workers) O MP 5 When labor increases from two to three workers, total product increases by ? per hour.
The figure shows the total product curve for different levels of a variable input, labor. Output Total Product curve АВ с D E Quantity of Labor In the figure, at point C O average product equals marginal product O marginal product is at a maximum total product is increasing at an increasing rate average product is declining but positive
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.
workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 can you explain diminishing marginal product based on these numbers?
10 . If marginal product is less than average product, then average product is : A. decreasing b - fixed C- None of the above d - growing
In the table, the marginal product is greatest when the Total Product, Marginal Product, Average Product Labor (workers per day) Total prod- uct (units per day] Mar- Average ginal product prod- uct 3 12 15 O A. first worker is hired. B. second worker is hired. OC. third worker is hired. D. fourth worker is hired. ON 00 N n6 O12M+ 5
Question 23 of 30 The marginal product of a factor shows how much an additional unit of a factor adds to unit costs. dollar revenue. the level of production. O profitability. The marginal revenue product of a factor shows how much an additional unit of a factor adds to O profitability. the level of production. unit costs. dollar revenue. 46°F a